Luno, the Africa-founded cryptocurrency exchange, announced the launch of tokenised global stocks in Nigeria on Monday.
It will become the first continent-based platform to offer direct Naira-denominated access to more than 60 US equities and exchange-traded funds (ETFs).
The service, rolled out after a pilot in South Africa, allows Nigerians to invest in companies such as Apple, Tesla, Nvidia, and Microsoft with as little as ₦100 ($0.07). Trades are available 24 hours a day, five days a week, with plans to expand to weekend trading.
Luno partners with xStocks and Backed Finance
Luno said the new product is delivered through partnerships with Kraken’s xStocks and Backed Finance, which provide custody and regulatory support.
Each token is backed 1:1 by underlying shares held with regulated custodians, ensuring security and compliance.
“Global markets have always been an exclusive club, but technology now allows us to break down those walls,” said Ayotunde Alabi, CEO of Luno Nigeria. “We want to give millions of Nigerians equal footing with international investors.”
The move comes as Nigeria faces foreign exchange shortages and restrictions that have long locked out retail investors from global markets.
While the country has a 74 per cent financial inclusion rate, the Central Bank of Nigeria reports that fewer than 5 per cent of adults participate in capital markets.
The platform model differs from local wealthtech apps such as Bamboo, Rise, Chaka, and Trove, which rely on offshore brokerage arrangements.
By using blockchain-based tokenisation, the platform enables fractional ownership, instant settlement, and portable digital tokens that can be withdrawn to private wallets.
The launch in Nigeria follows strong demand in South Africa, where more than 10,000 users invested in tokenised equities in the first month, as reported by Techpression last week.
Luno, which has operated in Nigeria since 2017, says the product could accelerate financial inclusion by lowering entry costs and simplifying global investment access.
In July, the exchange also introduced crypto staking in Nigeria, allowing users to earn yields on Solana, Polkadot, Cosmos, and NEAR.
That service, however, was positioned as an additional feature, while the stock product marks a more profound shift toward Luno’s goal of becoming a comprehensive digital wealth platform.
Regulatory path and expansion plans
Nigeria’s regulatory environment remains a key factor. The Investment and Securities Act (2025) classifies tokenised assets as securities, placing them under the oversight of the Securities and Exchange Commission.
The exchange has applied for a provisional crypto licence under the SEC’s incubatory programme and says it complies with evolving rules.
With over 12 million users globally, including one million in South Africa, Luno is betting on tokenisation to transform Africans’ access to global markets.
Success in Nigeria could pave the way for expansion into other African countries, such as Kenya, Ethiopia, Ghana, and so on, where retail investors face similar barriers.